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Invisible-hand Game and Prisoner's Dilemma Game

Games involving binary choices can be better illustrated with N number of players rather than just two players. The invisible-hand game and the prisoner's dilemma game are featured examples in this first in a series of 3 video lectures on game theory.

Glossary:

  • prisoner's dilemma
    A game situation where self interest conflicts with group interest.
    diagram
  • game theory
    Analysis of optimal decision in competitive situations.
  • invisible hand
    The self-organizing tendency of un-coordinated and self-regarding efforts to achieve a collective good.

Topics:

Game Theory

Keywords

binary choices, game theory, invisible hand game, payoff matrix, PD game, prisoner's dilemma